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Fair Value of Financial Instruments (Tables)
3 Months Ended
Mar. 31, 2024
Fair Value Disclosures [Abstract]  
Summary of Fair Value Hierarchy Investments
As of March 31, 2024 and December 31, 2023, the Company’s investments were categorized as follows in the fair value hierarchy:
March 31, 2024
Valuation Inputs(Unaudited)December 31, 2023
Level 1—Price quotations in active markets$$
Level 2—Significant other observable inputs164 178 
Level 3—Significant unobservable inputs12,666 13,073 
Investments measured at net asset value(1)
1,390 1,397 
$14,221 $14,649 
____________
(1)Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the consolidated balance sheets.
Summary of Reconciliation Fair Value, Assets
The following is a reconciliation for the three months ended March 31, 2024 and 2023 of investments for which significant unobservable inputs (Level 3) were used in determining fair value:
 For the Three Months Ended March 31, 2024
 
Senior Secured
LoansFirst
Lien
Senior Secured
LoansSecond
Lien
Other Senior
Secured
Debt
Subordinated
Debt
Asset Based FinanceEquity/OtherTotal
Fair value at beginning of period$8,429 $1,090 $21 $322 $2,077 $1,134 $13,073 
Accretion of discount (amortization of premium)11 — — — 15 
Net realized gain (loss)(105)(102)(3)— (4)(30)(244)
Net change in unrealized appreciation (depreciation)97 89 (8)19 (10)188 
Purchases1,323 51 56 10 345 56 1,841 
Paid-in-kind interest10 — — 10 25 
Sales and repayments(1,739)(127)— — (361)(5)(2,232)
Transfers into Level 3— — — — — — — 
Transfers out of Level 3— — — — — — — 
Fair value at end of period$8,026 $1,004 $75 $334 $2,079 $1,148 $12,666 
The amount of total gains or losses for the period included in changes in net assets attributable to the change in unrealized gains or losses relating to investments still held at the reporting date$44 $(2)$(1)$(8)$22 $(43)$12 
 For the Three Months Ended March 31, 2023
 
Senior Secured
LoansFirst
Lien
Senior Secured
LoansSecond
Lien
Other Senior
Secured
Debt
Subordinated
Debt
Asset Based FinanceEquity/OtherTotal
Fair value at beginning of period$9,124 $874 $22 $264 $1,902 $1,199 $13,385 
Accretion of discount (amortization of premium)11 — — — — 12 
Net realized gain (loss)(20)— — (48)(59)
Net change in unrealized appreciation (depreciation)17 (2)— (17)71 71 
Purchases235 — 10 30 287 
Paid-in-kind interest15 — — 30 
Sales and repayments(234)(4)— — (147)(16)(401)
Transfers into Level 3— — — — — — — 
Transfers out of Level 3— — — — — — — 
Fair value at end of period$9,170 $856 $20 $279 $1,778 $1,222 $13,325 
The amount of total gains or losses for the period included in changes in net assets attributable to the change in unrealized gains or losses relating to investments still held at the reporting date$17 $(20)$(2)$— $(17)$21 $(1)
Summary of Valuation Techniques and Significant Unobservable Inputs Used in Recurring Level 3 Fair Value
The valuation techniques and significant unobservable inputs used in recurring Level 3 fair value measurements as of March 31, 2024 and December 31, 2023 were as follows:
Type of Investment
Fair Value at
March 31, 2024
(Unaudited)
Valuation
Technique(1)
Unobservable
Input
Range (Weighted Average)
Impact to Valuation from an Increase in Input(2)
Senior Debt$7,857 Discounted Cash FlowDiscount Rate
5.6% - 27.5% (11.2%)
Decrease
1,155 WaterfallEBITDA Multiple
0.4x - 10.3x (7.2x)
Increase
89 
Other(3)
Cost
Subordinated Debt306 Discounted Cash FlowDiscount Rate
10.7% - 15.5% (12.8%)
Decrease
28 WaterfallEBITDA Multiple
0.4x - 8.5x (5.9x)
Increase
Asset Based Finance1,335 Discounted Cash FlowDiscount Rate
5.7% - 42.4% (11.3%)
Decrease
612 WaterfallEBITDA Multiple
1.0x - 1.4x (1.1x)
Increase
87 
Other(3)
43 Cost
Indicative Dealer Quotes
28.3% - 28.3% (28.3%)
Increase
Equity/Other609 WaterfallEBITDA Multiple
0.6x - 14.0x (6.8x)
Increase
526 Discounted Cash FlowDiscount Rate
5.0% - 21.0% (14.2%)
Decrease
10 
Other(3)
Option Pricing ModelEquity Illiquidity Discount
75.0% - 75.0% (75.0%)
Decrease
Total$12,666 
 
Type of Investment
Fair Value at
December 31, 2023
Valuation
Technique(1)
Unobservable
Input
Range
Impact to Valuation from an Increase in Input(2)
Senior Debt$8,356 Discounted Cash FlowDiscount Rate
6.1% - 25.0% (11.6%)
Decrease
1,165 WaterfallEBITDA Multiple
0.6x - 10.8x (8.1x)
Increase
15 Cost
4
Other(3)

Subordinated Debt289 Discounted Cash FlowDiscount Rate
10.7% - 21.0% (13.7%)
Decrease
33 WaterfallEBITDA Multiple
7.5x - 7.5x (7.5x)
Increase
Asset Based Finance1,232 Discounted Cash FlowDiscount Rate
5.9% - 43.2% (11.1%)
Decrease
616 WaterfallEBITDA Multiple
1.0x - 1.3x (1.1x)
Increase
118 Cost
109 
Other(3)
Indicative Dealer Quotes
26.8% - 26.8% (26.8%)
Increase
Equity/Other603 WaterfallEBITDA Multiple
0.6x - 14.8x (6.5x)
Increase
521 Discounted Cash FlowDiscount Rate
5.2% - 21.0% (14.2%)
Decrease
Other(3)
Option Pricing ModelEquity Illiquidity Discount
75.0% - 75.0% (75.0%)
Decrease
Total$13,073 
_______________
(1)Investments using a market quotes valuation technique were primarily valued by using the midpoint of the prevailing bid and ask prices from dealers on the date of the relevant period end, which were provided by independent third-party pricing services and screened for validity by such services. Investments valued using an EBITDA multiple or a revenue multiple pursuant to the market comparables valuation technique may be conducted using an enterprise valuation waterfall analysis.
(2)Represents the directional change in the fair value of the Level 3 investments that would result from an increase to the corresponding unobservable input. A decrease to the input would have the opposite effect. Significant changes in these inputs in isolation could result in significantly higher or lower fair value measurements.
(3)Fair value based on expected outcome of proposed corporate transactions and/or other factors.